According to the recent study the global composite cylinder market is projected to reach an estimated $0.8 billion by 2025 from $0.8 billion in 2019, at a CAGR of 0.7% from 2020 to 2025. Growth in this market is primarily driven by increasing number of natural gas vehicles (NGVs) and growing demand for lightweight cylinders with higher pressure requirement and greater gas carrying capacity per cylinder.
Browse 60 figures / charts and 51 tables in this136 -page report to understand trends, opportunities and forecast in global composite cylinder market by end use industry (gas carriers and storage, transportation, life support, recreation and others), tank type (Type II, Type III, Type IV), composite consumption by fiber type (Glass Fiber Composites, Carbon Fiber Composites and Aramid Fiber Composites), and region (North America, Europe, and the Rest of the World (ROW).
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“Type III market is expected to remain the largest segment during the forecast period.”
Based on tank type, the global composite cylinder market is segmented into type II, type III, type IV. Lucintel forecasts that the type III is expected to witness the largest segment during the forecast period.
“Within the global composite cylinder market, the transportation segment is expected to remain the largest end use industry.”
Based on end use industry, the transportation is expected to witness the largest segment over the forecast period as expected growth in the alternative fuel vehicles and increasing requirement of weight reduction with higher gas carrying capacity are the major driving forces that spur growth for this segment over the forecast period.
“Europe will dominate the global composite cylinder market in near future.”
Europe is expected to be the largest region during the forecast period due to the higher acceptance level and increasing use of lightweight cylinders.
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Major players of global composite cylinder market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Luxfer Gas Cylinder, Hexagon Composites ASA, Quantum Technologies, Worthington Cylinders, Time Technoplast, Faber Industries S.p.A., Beijing Tianhai Industry Co., and Ullit are among the major global composite cylinder providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/growth-opportunities-in-the-global-composite-cylinder.aspx or helpdesk@lucintel.com.
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